News Formal

Stock market news today: Dow sinks 574 points on rate fears

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 51%

Business News News

Dow drops 574 points as Fed chief Powell opens the door to steeper rate hikes

US stocks tumbled on Tuesday after Federal Reserve Chairman Jerome Powell opened the door to bigger rate hikes.

"The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated," he said in testimony on Capitol Hill."If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."at this month's meeting of the Federal Open Market Committee.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Dow futures muted ahead of Powell testimony later.MarketWatch Live: Facebook parent Meta joins pharma firm ADial in early advance
Source: MarketWatch - 🏆 3. / 97 Read more »